VIEWS: Bank desk views on yesterday's RBNZ.....>

RBNZ: VIEWS: Bank desk views on yesterday's RBNZ MonPol decision:

- ANZ: The near-term growth outlook has deteriorated, our own views on the

outlook for MonPol have become a bit more circumspect. The RBNZ has signalled

that the OCR will remain unch. until into '20, which is later than our current

pick of a move in Nov '19. Given the world is always changing, there is little

practical difference between projecting late-'19, late-'20, or a completely flat

track; they are all effectively "wait and see" placeholders.

- ASB: The tilt to a more dovish view was bigger than exp. But we do see

inflation pressures building more quickly than in the RBNZ's view, particularly

via wages. We still see late '19 as the likely timing for OCR hikes.

- BNZ: Concerns over growth dominate rising inflation. We still think

inflation's coming, but, but we push our first rate hike out to Aug '19.

- Westpac: The RBNZ has now accepted that growth is falling short of its

forecasts. The intensity of the RBNZ's reaction to the slowdown in growth

surprised us & mkts. We now see a risk that the OCR starts rising even later

than our long-held forecast of late '19.